Afreximbank, a pan-African multilateral trade finance agency, stated over the weekend that the energy demand of Nigeria and other African nations is anticipated to increase by 50% over the next two decades, driving large-scale investment in logistics and LPG storage facilities.
In London during the International Energy (IE) Week, it’s Global Head and Director for Client Relations, Rene Awambeng, campaigned for energy investment. He said: “Energy consumption in Africa is expected to expand by 50% over the next two decades.
This rising demand will open up opportunities for renewable energy projects that will improve the energy security of Afreximbank member states as well as opportunities for decarbonized energy infrastructure projects, logistics, and storage, particularly for natural gas and LPG that facilitate regional trade.
He continued by saying that energy infrastructure projects will have to take the energy transition into consideration in order to be bankable.
With over 125 billion barrels of proven crude oil reserves and 220 trillion cubic feet of proven gas reserves, Nigeria and other parts of Africa are home to some of the world’s largest oil and gas reserves. As a result, significant investment opportunities have emerged in the fields of gas exploration and monetisation, gas-to-power, energy storage, and infrastructure development.